What a long, strange trip it’s been for some analysts since the summer of recession forecasts turned into yesterday’s robust 2.8% rise in third-quarter GDP. A key driver of Q3’s advance: higher consumer spending, which accounts for roughly two-thirds of GDP. Personal consumption expenditures increased 3.7% in Q3, a robust pickup from Q2’s 2.8%.
Daily Archives: October 31, 2024
Macro Briefing: 31 October 2024
US GDP rose 2.8% in the third quarter–a solid increase but slightly below expectations. The gain marks a slowdown from Q2’s strong 3.0% increase. A key driver of Q3’s advance: higher consumer spending, which accounts for roughly two-thirds of GDP. Personal consumption expenditures increased 3.7% in Q3, a robust pickup from Q2’s 2.8%.
